Cortex Regains Rights to Develop Its AMPAKINE Compounds to Treat
Depression and Schizophrenia

October 01, 2010 08:55 AM Eastern Daylight Time

IRVINE, Calif.--(BUSINESS WIRE)--Cortex Pharmaceuticals, Inc. (OTCBB: CORX) announced that it has
regained worldwide rights to develop and commercialize its AMPAKINE®
compounds for the treatment of schizophrenia and depression.

In January 1999, Cortex entered into a research collaboration and
exclusive worldwide license agreement with Organon which granted Organon
exclusive, worldwide rights to develop and commercialize AMPAKINE
compounds for the treatment of schizophrenia and depression. Organon is
now a subsidiary of Merck. As part of an ongoing prioritization process,
Merck has decided not to proceed further with its AMPAKINE development
program, and has returned its exclusive rights to develop AMPAKINE
compounds for the treatment of depression and schizophrenia to Cortex.

“The return of these rights to Cortex now allows us to develop our lead
AMPAKINE compounds for these serious psychiatric disorders,” said Mark
Varney, Ph.D., President and Chief Executive Officer of Cortex. “Data
from animal models suggests AMPAKINE compounds could treat the cognitive
deficits that occur in as much as 75% of individuals with schizophrenia.
In addition, recent animal work suggests AMPAKINE compounds like CX1739
could be effective therapies for depression, and could potentially
provide a much more rapid onset of antidepressant activity and represent
a completely new mechanism of treating this disorder.”

Cortex Pharmaceuticals, Inc.

Cortex, located in Irvine, California, is a neuroscience company focused
on novel drug therapies for treating psychiatric disorders, neurological
diseases and sleep apnea. Cortex is pioneering a class of proprietary
pharmaceuticals called AMPAKINE® compounds, which act to increase the
strength of signals at connections between brain cells. The loss of
these connections is thought to be responsible for memory and behavior
problems in Alzheimer’s disease. Many psychiatric diseases, including
schizophrenia, occur as a result of imbalances in the brain’s
neurotransmitter system. These imbalances may be improved by using the
AMPAKINE technology. For additional information regarding Cortex, please
visit the Company’s website at http://www.cortexpharm.com.

Forward-Looking Statement

Note — this press release contains forward-looking statements concerning
the Company’s operating activities. Words such as “believes,”
“anticipates,” “plans,” “expects,” “indicates,” “will,” “intends,”
“potential,” “suggests,” “assuming,” “designed” and similar expressions
are intended to identify forward-looking statements. These statements
are based on the Company’s current beliefs and expectations. The success
of such activities depends on a number of factors, including the risks
that the Company’s drug candidates may at any time be found to be unsafe
or ineffective for their intended use, including the treatment of
schizophrenia, depression, or Parkinson’s disease; or that the Company
may have insufficient resources to undertake proposed clinical studies
and that preclinical or clinical studies may at any point be suspended
or take substantially longer than anticipated to complete. As discussed
in the Company’s Securities and Exchange Commission filings, the
Company’s proposed products will require additional research, lengthy
and costly preclinical and clinical testing and regulatory approval.
AMPAKINE compounds are investigational drugs and have not been approved
for the treatment of any disease. Readers are cautioned not to place
undue reliance on these forward-looking statements that speak only as of
the date of this press release. The Company undertakes no obligation to
update publicly any forward-looking statements to reflect new
information, events or circumstances after the date of this press
release or to reflect the occurrence of unanticipated events.